Method and system for providing enriched information re market trades and transactions

ABSTRACT

A method for providing market color to enrich information relating to trading data for eligible securitized products under the Trade Reporting and Compliance Engine (TRACE) platform administered by the Financial Industry Regulatory Authority (FINRA) is provided. The method includes: receiving, from the TRACE platform, first information that relates to a trade that has been executed on a market; retrieving, from a second source such as an internal data repository that is proprietary to a financial institution, second information that relates to the trade and/or a participant in the trade; generating a report that includes the first information and the second information; and transmitting the report to a predetermined recipient. Additional information may be obtained via a Securitized Products Dissemination Service (SPDS) platform and/or by using a matching algorithm within TRACE.

BACKGROUND 1. Field of the Disclosure

This technology generally relates to methods and systems for providinginformation relating to financial markets, and more particularly tomethods and systems for providing market color to enrich informationrelating to trading data for eligible securitized products under theTrade Reporting and Compliance Engine (TRACE) platform administered bythe Financial Industry Regulatory Authority (FINRA).

2. Background Information

The dissemination of last sale price and other relevant trade data foreligible securitized products under the Trade Reporting and ComplianceEngine (TRACE) platform administered by the Financial IndustryRegulatory Authority (FINRA) does not disclose key market color oridentify multi-leg trades. In particular, the TRACE platform does notprovide information such as counterparty information, exact trade size,Committee on Uniform Securities Identification Procedure (CUSIP) number,or multi-leg trades such as swaps and butterflies.

Accordingly, there is a need for a mechanism to provide enrichedinformation relating to market trades and transactions as a supplementto the information that is disclosed on the TRACE platform.

SUMMARY

The present disclosure, through one or more of its various aspects,embodiments, and/or specific features or sub-components, provides, interalia, various systems, servers, devices, methods, media, programs, andplatforms for providing market color to enrich information relating totrading data for eligible securitized products that is generallyavailable via the FINRA TRACE platform.

According to an aspect of the present disclosure, a method obtainingconsolidated information relating to executed trade transactions isprovided. The method is implemented by at least one processor. Themethod includes: receiving, by the at least one processor from a firstsource, first information that relates to a trade that has been executedon a market; retrieving, by the at least one processor from a secondsource, second information that relates to at least one from among thetrade and a participant in the trade; generating, by the at least oneprocessor, a report that includes the first information and the secondinformation; and transmitting, by the at least one processor to apredetermined recipient, the generated report.

The first source may include a Trade Reporting and Compliance Engine(TRACE) platform.

The second source may include an internal data repository that isproprietary to a financial institution.

The method may further include receiving, by the at least one processor,third information that relates to the trade from a Securitized ProductsDissemination Service (SPDS) platform.

The method may further include obtaining, by the at least one processor,fourth information that relates to the trade by using a matchingalgorithm within TRACE.

The first information may include at least one from among a transactionprice, an execution date, an execution time, a transaction size, and ayield.

The second information may include at least one from among informationthat relates to a counterparty, a Committee on Uniform SecuritiesIdentification Procedure (CUSIP) number, an identification of amulti-leg Swap trade, and an identification of a multi-leg Butterflytrade.

The report may include at least one from among information that relatesto whether the trade is a cash trade or a spread trade, information thatrelates to a type of the trade, and information that relates to at leastone from among a trade spread and an option adjusted spread.

The type of the trade may include at least one from among aconsecutive-month dollar roll, a non-consecutive month dollar roll, anagency swap, a coupon swap, and a butterfly trade.

According to another aspect of the present disclosure, a computingapparatus for obtaining consolidated information relating to executedtrade transactions is provided. The computing apparatus includes aprocessor; a memory; and a communication interface coupled to each ofthe processor and the memory. The processor is configured to: receive,from a first source via the communication interface, first informationthat relates to a trade that has been executed on a market; retrieve,from a second source, second information that relates to at least onefrom among the trade and a participant in the trade; generate a reportthat includes the first information and the second information; andtransmit, to a predetermined recipient via the communication interface,the generated report.

The first source may include a Trade Reporting and Compliance Engine(TRACE) platform.

The second source may include an internal data repository that isproprietary to a financial institution.

The processor may be further configured to receive, via thecommunication interface, third information that relates to the tradefrom a Securitized Products Dissemination Service (SPDS) platform.

The processor may be further configured to obtain fourth informationthat relates to the trade by using a matching algorithm within TRACE.

The first information may include at least one from among a transactionprice, an execution date, an execution time, a transaction size, and ayield.

The second information may include at least one from among informationthat relates to a counterparty, a Committee on Uniform SecuritiesIdentification Procedure (CUSIP) number, an identification of amulti-leg Swap trade, and an identification of a multi-leg Butterflytrade.

The report may include at least one from among information that relatesto whether the trade is a cash trade or a spread trade, information thatrelates to a type of the trade, and information that relates to at leastone from among a trade spread and an option adjusted spread.

The type of the trade may include at least one from among aconsecutive-month dollar roll, a non-consecutive month dollar roll, anagency swap, a coupon swap, and a butterfly trade.

According to yet another aspect of the present disclosure, anon-transitory computer readable storage medium storing instructions forobtaining consolidated information relating to executed tradetransactions is provided. The storage medium includes executable codewhich, when executed by a processor, causes the processor to: receive,from a first source, first information that relates to a trade that hasbeen executed on a market; retrieve, from a second source, secondinformation that relates to at least one from among the trade and aparticipant in the trade; generate a report that includes the firstinformation and the second information; and transmit, to a predeterminedrecipient, the generated report.

The first source includes a Trade Reporting and Compliance Engine(TRACE) platform.

BRIEF DESCRIPTION OF THE DRAWINGS

The present disclosure is further described in the detailed descriptionwhich follows, in reference to the noted plurality of drawings, by wayof non-limiting examples of preferred embodiments of the presentdisclosure, in which like characters represent like elements throughoutthe several views of the drawings.

FIG. 1 illustrates an exemplary computer system.

FIG. 2 illustrates an exemplary diagram of a network environment.

FIG. 3 shows an exemplary system for implementing a method for providingmarket color to enrich information relating to trading data for eligiblesecuritized products that is generally available via the FINRA TRACEplatform.

FIG. 4 is a flowchart of an exemplary process for implementing a methodfor providing market color to enrich information relating to tradingdata for eligible securitized products that is generally available viathe FINRA TRACE platform.

DETAILED DESCRIPTION

Through one or more of its various aspects, embodiments and/or specificfeatures or sub-components of the present disclosure, are intended tobring out one or more of the advantages as specifically described aboveand noted below.

The examples may also be embodied as one or more non-transitory computerreadable media having instructions stored thereon for one or moreaspects of the present technology as described and illustrated by way ofthe examples herein. The instructions in some examples includeexecutable code that, when executed by one or more processors, cause theprocessors to carry out steps necessary to implement the methods of theexamples of this technology that are described and illustrated herein.

FIG. 1 is an exemplary system for use in accordance with the embodimentsdescribed herein. The system 100 is generally shown and may include acomputer system 102, which is generally indicated.

The computer system 102 may include a set of instructions that can beexecuted to cause the computer system 102 to perform any one or more ofthe methods or computer-based functions disclosed herein, either aloneor in combination with the other described devices. The computer system102 may operate as a standalone device or may be connected to othersystems or peripheral devices. For example, the computer system 102 mayinclude, or be included within, any one or more computers, servers,systems, communication networks or cloud environment. Even further, theinstructions may be operative in such cloud-based computing environment.

In a networked deployment, the computer system 102 may operate in thecapacity of a server or as a client user computer in a server-clientuser network environment, a client user computer in a cloud computingenvironment, or as a peer computer system in a peer-to-peer (ordistributed) network environment. The computer system 102, or portionsthereof, may be implemented as, or incorporated into, various devices,such as a personal computer, a tablet computer, a set-top box, apersonal digital assistant, a mobile device, a palmtop computer, alaptop computer, a desktop computer, a communications device, a wirelesssmart phone, a personal trusted device, a wearable device, a globalpositioning satellite (GPS) device, a web appliance, or any othermachine capable of executing a set of instructions (sequential orotherwise) that specify actions to be taken by that machine. Further,while a single computer system 102 is illustrated, additionalembodiments may include any collection of systems or sub-systems thatindividually or jointly execute instructions or perform functions. Theterm “system” shall be taken throughout the present disclosure toinclude any collection of systems or sub-systems that individually orjointly execute a set, or multiple sets, of instructions to perform oneor more computer functions.

As illustrated in FIG. 1 , the computer system 102 may include at leastone processor 104. The processor 104 is tangible and non-transitory. Asused herein, the term “non-transitory” is to be interpreted not as aneternal characteristic of a state, but as a characteristic of a statethat will last for a period of time. The term “non-transitory”specifically disavows fleeting characteristics such as characteristicsof a particular carrier wave or signal or other forms that exist onlytransitorily in any place at any time. The processor 104 is an articleof manufacture and/or a machine component. The processor 104 isconfigured to execute software instructions in order to performfunctions as described in the various embodiments herein. The processor104 may be a general-purpose processor or may be part of an applicationspecific integrated circuit (ASIC). The processor 104 may also be amicroprocessor, a microcomputer, a processor chip, a controller, amicrocontroller, a digital signal processor (DSP), a state machine, or aprogrammable logic device. The processor 104 may also be a logicalcircuit, including a programmable gate array (PGA) such as a fieldprogrammable gate array (FPGA), or another type of circuit that includesdiscrete gate and/or transistor logic. The processor 104 may be acentral processing unit (CPU), a graphics processing unit (GPU), orboth. Additionally, any processor described herein may include multipleprocessors, parallel processors, or both. Multiple processors may beincluded in, or coupled to, a single device or multiple devices.

The computer system 102 may also include a computer memory 106. Thecomputer memory 106 may include a static memory, a dynamic memory, orboth in communication. Memories described herein are tangible storagemediums that can store data as well as executable instructions and arenon-transitory during the time instructions are stored therein. Again,as used herein, the term “non-transitory” is to be interpreted not as aneternal characteristic of a state, but as a characteristic of a statethat will last for a period of time. The term “non-transitory”specifically disavows fleeting characteristics such as characteristicsof a particular carrier wave or signal or other forms that exist onlytransitorily in any place at any time. The memories are an article ofmanufacture and/or machine component. Memories described herein arecomputer-readable mediums from which data and executable instructionscan be read by a computer. Memories as described herein may be randomaccess memory (RAM), read only memory (ROM), flash memory, electricallyprogrammable read only memory (EPROM), electrically erasableprogrammable read-only memory (EEPROM), registers, a hard disk, a cache,a removable disk, tape, compact disk read only memory (CD-ROM), digitalversatile disk (DVD), floppy disk, blu-ray disk, or any other form ofstorage medium known in the art. Memories may be volatile ornon-volatile, secure and/or encrypted, unsecure and/or unencrypted. Ofcourse, the computer memory 106 may comprise any combination of memoriesor a single storage.

The computer system 102 may further include a display 108, such as aliquid crystal display (LCD), an organic light emitting diode (OLED), aflat panel display, a solid state display, a cathode ray tube (CRT), aplasma display, or any other type of display, examples of which are wellknown to skilled persons.

The computer system 102 may also include at least one input device 110,such as a keyboard, a touch-sensitive input screen or pad, a speechinput, a mouse, a remote control device having a wireless keypad, amicrophone coupled to a speech recognition engine, a camera such as avideo camera or still camera, a cursor control device, a globalpositioning system (GPS) device, an altimeter, a gyroscope, anaccelerometer, a proximity sensor, or any combination thereof. Thoseskilled in the art appreciate that various embodiments of the computersystem 102 may include multiple input devices 110. Moreover, thoseskilled in the art further appreciate that the above-listed, exemplaryinput devices 110 are not meant to be exhaustive and that the computersystem 102 may include any additional, or alternative, input devices110.

The computer system 102 may also include a medium reader 112 which isconfigured to read any one or more sets of instructions, e.g. software,from any of the memories described herein. The instructions, whenexecuted by a processor, can be used to perform one or more of themethods and processes as described herein. In a particular embodiment,the instructions may reside completely, or at least partially, withinthe memory 106, the medium reader 112, and/or the processor 110 duringexecution by the computer system 102.

Furthermore, the computer system 102 may include any additional devices,components, parts, peripherals, hardware, software or any combinationthereof which are commonly known and understood as being included withor within a computer system, such as, but not limited to, a networkinterface 114 and an output device 116. The output device 116 may be,but is not limited to, a speaker, an audio out, a video out, aremote-control output, a printer, or any combination thereof.

Each of the components of the computer system 102 may be interconnectedand communicate via a bus 118 or other communication link. Asillustrated in FIG. 1 , the components may each be interconnected andcommunicate via an internal bus. However, those skilled in the artappreciate that any of the components may also be connected via anexpansion bus. Moreover, the bus 118 may enable communication via anystandard or other specification commonly known and understood such as,but not limited to, peripheral component interconnect, peripheralcomponent interconnect express, parallel advanced technology attachment,serial advanced technology attachment, etc.

The computer system 102 may be in communication with one or moreadditional computer devices 120 via a network 122. The network 122 maybe, but is not limited to, a local area network, a wide area network,the Internet, a telephony network, a short-range network, or any othernetwork commonly known and understood in the art. The short-rangenetwork may include, for example, Bluetooth, Zigbee, infrared, nearfield communication, ultraband, or any combination thereof. Thoseskilled in the art appreciate that additional networks 122 which areknown and understood may additionally or alternatively be used and thatthe exemplary networks 122 are not limiting or exhaustive. Also, whilethe network 122 is illustrated in FIG. 1 as a wireless network, thoseskilled in the art appreciate that the network 122 may also be a wirednetwork.

The additional computer device 120 is illustrated in FIG. 1 as apersonal computer. However, those skilled in the art appreciate that, inalternative embodiments of the present application, the computer device120 may be a laptop computer, a tablet PC, a personal digital assistant,a mobile device, a palmtop computer, a desktop computer, acommunications device, a wireless telephone, a personal trusted device,a web appliance, a server, or any other device that is capable ofexecuting a set of instructions, sequential or otherwise, that specifyactions to be taken by that device. Of course, those skilled in the artappreciate that the above-listed devices are merely exemplary devicesand that the device 120 may be any additional device or apparatuscommonly known and understood in the art without departing from thescope of the present application. For example, the computer device 120may be the same or similar to the computer system 102. Furthermore,those skilled in the art similarly understand that the device may be anycombination of devices and apparatuses.

Of course, those skilled in the art appreciate that the above-listedcomponents of the computer system 102 are merely meant to be exemplaryand are not intended to be exhaustive and/or inclusive. Furthermore, theexamples of the components listed above are also meant to be exemplaryand similarly are not meant to be exhaustive and/or inclusive.

In accordance with various embodiments of the present disclosure, themethods described herein may be implemented using a hardware computersystem that executes software programs. Further, in an exemplary,non-limited embodiment, implementations can include distributedprocessing, component/object distributed processing, and parallelprocessing. Virtual computer system processing can be constructed toimplement one or more of the methods or functionalities as describedherein, and a processor described herein may be used to support avirtual processing environment.

As described herein, various embodiments provide optimized methods andsystems for providing market color to enrich information relating totrading data for eligible securitized products that is generallyavailable via the FINRA TRACE platform.

Referring to FIG. 2 , a schematic of an exemplary network environment200 for implementing a method for providing market color to enrichinformation relating to trading data for eligible securitized productsthat is generally available via the FINRA TRACE platform is illustrated.In an exemplary embodiment, the method is executable on any networkedcomputer platform, such as, for example, a personal computer (PC).

The method for providing market color to enrich information relating totrading data for eligible securitized products that is generallyavailable via the FINRA TRACE platform may be implemented by a MarketColor to Enrich TRACE Feed (MCETF) device 202. The MCETF device 202 maybe the same or similar to the computer system 102 as described withrespect to FIG. 1 . The MCETF device 202 may store one or moreapplications that can include executable instructions that, whenexecuted by the MCETF device 202, cause the MCETF device 202 to performactions, such as to transmit, receive, or otherwise process networkmessages, for example, and to perform other actions described andillustrated below with reference to the figures. The application(s) maybe implemented as modules or components of other applications. Further,the application(s) can be implemented as operating system extensions,modules, plugins, or the like.

Even further, the application(s) may be operative in a cloud-basedcomputing environment. The application(s) may be executed within or asvirtual machine(s) or virtual server(s) that may be managed in acloud-based computing environment. Also, the application(s), and eventhe MCETF device 202 itself, may be located in virtual server(s) runningin a cloud-based computing environment rather than being tied to one ormore specific physical network computing devices. Also, theapplication(s) may be running in one or more virtual machines (VMs)executing on the MCETF device 202. Additionally, in one or moreembodiments of this technology, virtual machine(s) running on the MCETFdevice 202 may be managed or supervised by a hypervisor.

In the network environment 200 of FIG. 2 , the MCETF device 202 iscoupled to a plurality of server devices 204(1)-204(n) that hosts aplurality of databases 206(1)-206(n), and also to a plurality of clientdevices 208(1)-208(n) via communication network(s) 210. A communicationinterface of the MCETF device 202, such as the network interface 114 ofthe computer system 102 of FIG. 1 , operatively couples and communicatesbetween the MCETF device 202, the server devices 204(1)-204(n), and/orthe client devices 208(1)-208(n), which are all coupled together by thecommunication network(s) 210, although other types and/or numbers ofcommunication networks or systems with other types and/or numbers ofconnections and/or configurations to other devices and/or elements mayalso be used.

The communication network(s) 210 may be the same or similar to thenetwork 122 as described with respect to FIG. 1 , although the MCETFdevice 202, the server devices 204(1)-204(n), and/or the client devices208(1)-208(n) may be coupled together via other topologies.Additionally, the network environment 200 may include other networkdevices such as one or more routers and/or switches, for example, whichare well known in the art and thus will not be described herein. Thistechnology provides a number of advantages including methods,non-transitory computer readable media, and MCETF devices thatefficiently implement a method for providing market color to enrichinformation relating to trading data for eligible securitized productsthat is generally available via the FINRA TRACE platform.

By way of example only, the communication network(s) 210 may includelocal area network(s) (LAN(s)) or wide area network(s) (WAN(s)), and canuse TCP/IP over Ethernet and industry-standard protocols, although othertypes and/or numbers of protocols and/or communication networks may beused. The communication network(s) 210 in this example may employ anysuitable interface mechanisms and network communication technologiesincluding, for example, teletraffic in any suitable form (e.g., voice,modem, and the like), Public Switched Telephone Network (PSTNs),Ethernet-based Packet Data Networks (PDNs), combinations thereof, andthe like.

The MCETF device 202 may be a standalone device or integrated with oneor more other devices or apparatuses, such as one or more of the serverdevices 204(1)-204(n), for example. In one particular example, the MCETFdevice 202 may include or be hosted by one of the server devices204(1)-204(n), and other arrangements are also possible. Moreover, oneor more of the devices of the MCETF device 202 may be in a same or adifferent communication network including one or more public, private,or cloud networks, for example.

The plurality of server devices 204(1)-204(n) may be the same or similarto the computer system 102 or the computer device 120 as described withrespect to FIG. 1 , including any features or combination of featuresdescribed with respect thereto. For example, any of the server devices204(1)-204(n) may include, among other features, one or more processors,a memory, and a communication interface, which are coupled together by abus or other communication link, although other numbers and/or types ofnetwork devices may be used. The server devices 204(1)-204(n) in thisexample may process requests received from the MCETF device 202 via thecommunication network(s) 210 according to the HTTP-based and/orJavaScript Object Notation (JSON) protocol, for example, although otherprotocols may also be used.

The server devices 204(1)-204(n) may be hardware or software or mayrepresent a system with multiple servers in a pool, which may includeinternal or external networks. The server devices 204(1)-204(n) hoststhe databases 206(1)-206(n) that are configured to store data thatrelates to client-specific investment portfolios and historical marketinformation.

Although the server devices 204(1)-204(n) are illustrated as singledevices, one or more actions of each of the server devices 204(1)-204(n)may be distributed across one or more distinct network computing devicesthat together comprise one or more of the server devices 204(1)-204(n).Moreover, the server devices 204(1)-204(n) are not limited to aparticular configuration. Thus, the server devices 204(1)-204(n) maycontain a plurality of network computing devices that operate using amaster/slave approach, whereby one of the network computing devices ofthe server devices 204(1)-204(n) operates to manage and/or otherwisecoordinate operations of the other network computing devices.

The server devices 204(1)-204(n) may operate as a plurality of networkcomputing devices within a cluster architecture, a peer-to peerarchitecture, virtual machines, or within a cloud architecture, forexample. Thus, the technology disclosed herein is not to be construed asbeing limited to a single environment and other configurations andarchitectures are also envisaged.

The plurality of client devices 208(1)-208(n) may also be the same orsimilar to the computer system 102 or the computer device 120 asdescribed with respect to FIG. 1 , including any features or combinationof features described with respect thereto. For example, the clientdevices 208(1)-208(n) in this example may include any type of computingdevice that can interact with the MCETF device 202 via communicationnetwork(s) 210. Accordingly, the client devices 208(1)-208(n) may bemobile computing devices, desktop computing devices, laptop computingdevices, tablet computing devices, virtual machines (includingcloud-based computers), or the like, that host chat, e-mail, orvoice-to-text applications, for example. In an exemplary embodiment, atleast one client device 208 is a wireless mobile communication device,i.e., a smart phone.

The client devices 208(1)-208(n) may run interface applications, such asstandard web browsers or standalone client applications, which mayprovide an interface to communicate with the MCETF device 202 via thecommunication network(s) 210 in order to communicate user requests andinformation. The client devices 208(1)-208(n) may further include, amongother features, a display device, such as a display screen ortouchscreen, and/or an input device, such as a keyboard, for example.

Although the exemplary network environment 200 with the MCETF device202, the server devices 204(1)-204(n), the client devices 208(1)-208(n),and the communication network(s) 210 are described and illustratedherein, other types and/or numbers of systems, devices, components,and/or elements in other topologies may be used. It is to be understoodthat the systems of the examples described herein are for exemplarypurposes, as many variations of the specific hardware and software usedto implement the examples are possible, as will be appreciated by thoseskilled in the relevant art(s).

One or more of the devices depicted in the network environment 200, suchas the MCETF device 202, the server devices 204(1)-204(n), or the clientdevices 208(1)-208(n), for example, may be configured to operate asvirtual instances on the same physical machine. In other words, one ormore of the MCETF device 202, the server devices 204(1)-204(n), or theclient devices 208(1)-208(n) may operate on the same physical devicerather than as separate devices communicating through communicationnetwork(s) 210. Additionally, there may be more or fewer MCETF devices202, server devices 204(1)-204(n), or client devices 208(1)-208(n) thanillustrated in FIG. 2 .

In addition, two or more computing systems or devices may be substitutedfor any one of the systems or devices in any example. Accordingly,principles and advantages of distributed processing, such as redundancyand replication also may be implemented, as desired, to increase therobustness and performance of the devices and systems of the examples.The examples may also be implemented on computer system(s) that extendacross any suitable network using any suitable interface mechanisms andtraffic technologies, including by way of example only teletraffic inany suitable form (e.g., voice and modem), wireless traffic networks,cellular traffic networks, Packet Data Networks (PDNs), the Internet,intranets, and combinations thereof.

The MCETF device 202 is described and illustrated in FIG. 3 as includinga market color for enriched trading information module 302, although itmay include other rules, policies, modules, databases, or applications,for example. As will be described below, the market color for enrichedtrading information module 302 is configured to implement a method forproviding market color to enrich information relating to trading datafor eligible securitized products that is generally available via theFINRA TRACE platform.

An exemplary process 300 for implementing a mechanism for providingmarket color to enrich information relating to trading data for eligiblesecuritized products that is generally available via the FINRA TRACEplatform by utilizing the network environment of FIG. 2 is illustratedas being executed in FIG. 3 . Specifically, a first client device 208(1)and a second client device 208(2) are illustrated as being incommunication with MCETF device 202. In this regard, the first clientdevice 208(1) and the second client device 208(2) may be “clients” ofthe MCETF device 202 and are described herein as such. Nevertheless, itis to be known and understood that the first client device 208(1) and/orthe second client device 208(2) need not necessarily be “clients” of theMCETF device 202, or any entity described in association therewithherein. Any additional or alternative relationship may exist betweeneither or both of the first client device 208(1) and the second clientdevice 208(2) and the MCETF device 202, or no relationship may exist.

Further, MCETF device 202 is illustrated as being able to access ahistorical market data repository 206(1) and a client-specificinvestment portfolio database 206(2). The market color for enrichedtrading information module 302 may be configured to access thesedatabases for implementing a method for providing market color to enrichinformation relating to trading data for eligible securitized productsthat is generally available via the FINRA TRACE platform.

The first client device 208(1) may be, for example, a smart phone. Ofcourse, the first client device 208(1) may be any additional devicedescribed herein. The second client device 208(2) may be, for example, apersonal computer (PC). Of course, the second client device 208(2) mayalso be any additional device described herein.

The process may be executed via the communication network(s) 210, whichmay comprise plural networks as described above. For example, in anexemplary embodiment, either or both of the first client device 208(1)and the second client device 208(2) may communicate with the MCETFdevice 202 via broadband or cellular communication. Of course, theseembodiments are merely exemplary and are not limiting or exhaustive.

Upon being started, the market color for enriched trading informationmodule 302 executes a process for providing market color to enrichinformation relating to trading data for eligible securitized productsthat is generally available via the FINRA TRACE platform. An exemplaryprocess for providing market color to enrich information relating totrading data for eligible securitized products that is generallyavailable via the FINRA TRACE platform is generally indicated atflowchart 400 in FIG. 4 .

In process 400 of FIG. 4 , at step S402, the market color for enrichedtrading information module 302 receives first information that relatesto an executed trade from a first source. In an exemplary embodiment,the first source is the FINRA TRACE platform. In an exemplaryembodiment, under the FINRA Rule 6700 Series, all FINRA member firms arerequired to report trades for eligible mortgage-backed securities intoTRACE, and this information is then made generally available. The firstinformation may include, for example, any one or more of a transactionprice, an execution date, an execution time (i.e., a time of day atwhich the trade is executed), a transaction size, and/or a yield.

At step S404, the market color for enriched trading information module302 retrieves second information that relates to the executed tradeand/or to one or more participants in the executed trade from a secondsource. In an exemplary embodiment, the second source may include aninternal data repository that is proprietary to a financial institution,such as, for example, a bank, that is interested in obtaininginformation relating to the trade. In an exemplary embodiment, thesecond information may include any one or more of counterpartyinformation, a Committee on Uniform Securities Identification Procedure(CUSIP) number associated with the trade, an actual trade amount whenthe amount exceeds a threshold, an identification of a multi-leg swaptrade, and an identification of a multi-leg butterfly trade.

At step S406, the market color for enriched trading information module302 receives third information from a third source, such as, forexample, a Securitized Products Dissemination Service (SPDS) platform.Then, at step S408, the market color for enriched trading informationmodule 302 obtains fourth information that relates to the trade by usinga matching algorithm within the TRACE platform.

At step S410, the market color for enriched trading information module302 generates a report that includes the received first information andthe retrieved second information. Then, at step S412, the market colorfor enriched trading information module 302 transmits the report to oneor more interested recipients.

In an exemplary embodiment, in addition to the first information and thesecond information, the report may include at least a portion of thethird information, at least a portion of the fourth information, andother information that is gathered and/or determined based on analyzingthe previously obtained information. In an exemplary embodiment, theadditional information may include, for example, any one or more ofinformation that relates to whether the trade is a cash trade or aspread trade, information that relates to a type of the trade, andinformation that relates to at least one from among a trade spread andan option adjusted spread. The type of the trade may include, forexample, any one or more of a first type that relates to aconsecutive-month dollar roll, a second type that relates to anon-consecutive dollar roll, a third type that relates to an agencyswap, a fourth type that relates to a coupon swap, and a fifth type thatrelates to a butterfly trade. In an exemplary embodiment, a butterflytrade refers to a transaction that has a limited risk and is executed aspart of a non-directional trading strategy that is designed to helpinvestors profit from changes in the interest rate curve, such as, forexample, a strategy to buy financial instruments (e.g., stocks, bonds,and/or any other suitable types of financial instruments) of a certainmaturity and sell financial instruments of other maturities.

Discovering Market Color: Under the FINRA Rule 6700 Series, all FINRAmember firms are required to report trades for eligible mortgage-backedsecurities into the TRACE platform. In association, FINRA broadcasts thelast sale price and other relevant trade data on the SecuritizedProducts Dissemination Service (SPDS) platform.

Trade data on the SPDS feed does not include key details such ascounterparty name, actual trade amount (when the amount exceeds athreshold), instrument identifier such as the CUSIP number, and tradestipulations for multi-leg trades. The SPDS feed also reports multi-legtrades individually, thus further distancing the feed's representationof the trade from the actual trade booking or reporting.

In an exemplary embodiment, by crossing data obtained from the TRACEfeed against data that is retrievable from internal data repositoriesthat are administered by a financial institution such as a bank, and byalso matching trades within the TRACE feed, it is possible tosignificantly de-anonymize the feed by enriching the feed with criticalmarket color.

Benefits and Impact: In an exemplary embodiment, an end user is able torapidly identify and distinguish between “cash” and “spread” trades(i.e., single-leg trades versus multi-leg trades). This includes: tradetypes (e.g., consecutive and non-consecutive month dollar rolls, agencyswaps, coupon swaps, and butterfly trades); display of trade spread oroption adjusted spread (OAS) in conjunction with dollar price, andfollowing market conventions for display (e.g., dominant leg inmulti-leg trade or preference for agency/maturity/coupon). For specifiedpool instruments listed in Bids Wanted in Competition (BWIC), the enduser may also be able to further identify the traded pool within a FINRAReference Pool Bucket.

Accordingly, with this technology, an optimized process for providingmarket color to enrich information relating to trading data for eligiblesecuritized products that is generally available via the FINRA TRACEplatform is provided.

Although the invention has been described with reference to severalexemplary embodiments, it is understood that the words that have beenused are words of description and illustration, rather than words oflimitation. Changes may be made within the purview of the appendedclaims, as presently stated and as amended, without departing from thescope and spirit of the present disclosure in its aspects. Although theinvention has been described with reference to particular means,materials and embodiments, the invention is not intended to be limitedto the particulars disclosed; rather the invention extends to allfunctionally equivalent structures, methods, and uses such as are withinthe scope of the appended claims.

For example, while the computer-readable medium may be described as asingle medium, the term “computer-readable medium” includes a singlemedium or multiple media, such as a centralized or distributed database,and/or associated caches and servers that store one or more sets ofinstructions. The term “computer-readable medium” shall also include anymedium that is capable of storing, encoding or carrying a set ofinstructions for execution by a processor or that cause a computersystem to perform any one or more of the embodiments disclosed herein.

The computer-readable medium may comprise a non-transitorycomputer-readable medium or media and/or comprise a transitorycomputer-readable medium or media. In a particular non-limiting,exemplary embodiment, the computer-readable medium can include asolid-state memory such as a memory card or other package that housesone or more non-volatile read-only memories. Further, thecomputer-readable medium can be a random-access memory or other volatilere-writable memory. Additionally, the computer-readable medium caninclude a magneto-optical or optical medium, such as a disk or tapes orother storage device to capture carrier wave signals such as a signalcommunicated over a transmission medium. Accordingly, the disclosure isconsidered to include any computer-readable medium or other equivalentsand successor media, in which data or instructions may be stored.

Although the present application describes specific embodiments whichmay be implemented as computer programs or code segments incomputer-readable media, it is to be understood that dedicated hardwareimplementations, such as application specific integrated circuits,programmable logic arrays and other hardware devices, can be constructedto implement one or more of the embodiments described herein.Applications that may include the various embodiments set forth hereinmay broadly include a variety of electronic and computer systems.Accordingly, the present application may encompass software, firmware,and hardware implementations, or combinations thereof. Nothing in thepresent application should be interpreted as being implemented orimplementable solely with software and not hardware.

Although the present specification describes components and functionsthat may be implemented in particular embodiments with reference toparticular standards and protocols, the disclosure is not limited tosuch standards and protocols. Such standards are periodically supersededby faster or more efficient equivalents having essentially the samefunctions. Accordingly, replacement standards and protocols having thesame or similar functions are considered equivalents thereof.

The illustrations of the embodiments described herein are intended toprovide a general understanding of the various embodiments. Theillustrations are not intended to serve as a complete description of allthe elements and features of apparatus and systems that utilize thestructures or methods described herein. Many other embodiments may beapparent to those of skill in the art upon reviewing the disclosure.Other embodiments may be utilized and derived from the disclosure, suchthat structural and logical substitutions and changes may be madewithout departing from the scope of the disclosure. Additionally, theillustrations are merely representational and may not be drawn to scale.Certain proportions within the illustrations may be exaggerated, whileother proportions may be minimized. Accordingly, the disclosure and thefigures are to be regarded as illustrative rather than restrictive.

One or more embodiments of the disclosure may be referred to herein,individually and/or collectively, by the term “invention” merely forconvenience and without intending to voluntarily limit the scope of thisapplication to any particular invention or inventive concept. Moreover,although specific embodiments have been illustrated and describedherein, it should be appreciated that any subsequent arrangementdesigned to achieve the same or similar purpose may be substituted forthe specific embodiments shown. This disclosure is intended to cover anyand all subsequent adaptations or variations of various embodiments.Combinations of the above embodiments, and other embodiments notspecifically described herein, will be apparent to those of skill in theart upon reviewing the description.

The Abstract of the Disclosure is submitted with the understanding thatit will not be used to interpret or limit the scope or meaning of theclaims. In addition, in the foregoing Detailed Description, variousfeatures may be grouped together or described in a single embodiment forthe purpose of streamlining the disclosure. This disclosure is not to beinterpreted as reflecting an intention that the claimed embodimentsrequire more features than are expressly recited in each claim. Rather,as the following claims reflect, inventive subject matter may bedirected to less than all of the features of any of the disclosedembodiments. Thus, the following claims are incorporated into theDetailed Description, with each claim standing on its own as definingseparately claimed subject matter.

The above disclosed subject matter is to be considered illustrative, andnot restrictive, and the appended claims are intended to cover all suchmodifications, enhancements, and other embodiments which fall within thetrue spirit and scope of the present disclosure. Thus, to the maximumextent allowed by law, the scope of the present disclosure is to bedetermined by the broadest permissible interpretation of the followingclaims, and their equivalents, and shall not be restricted or limited bythe foregoing detailed description.

What is claimed is:
 1. A method for obtaining consolidated informationrelating to executed trade transactions, the method being implemented byat least one processor, the method comprising: receiving, by the atleast one processor from a first source, first information that relatesto a trade that has been executed on a market, wherein the firstinformation includes at least one from among a transaction price of thetrade, an execution date of the trade, an execution time of the trade, atransaction size of the trade, and a yield of the trade; retrieving, bythe at least one processor from a second source, second information thatrelates to at least one from among the trade and a participant in thetrade; generating, by the at least one processor, a report that includesthe first information, the second information, and an identification ofsingle-leg trades, multi-leg trades, and a traded pool within a FINRAReference Pool Bucket; and transmitting, by the at least one processorto a predetermined recipient, the generated report.
 2. The method ofclaim 1, wherein the first source includes a Trade Reporting andCompliance Engine (TRACE) platform.
 3. The method of claim 2, whereinthe second source includes an internal data repository that isproprietary to a financial institution.
 4. The method of claim 3,further comprising receiving, by the at least one processor, thirdinformation that relates to the trade from a Securitized ProductsDissemination Service (SPDS) platform.
 5. The method of claim 4, furthercomprising obtaining, by the at least one processor, fourth informationthat relates to the trade by using a matching algorithm within TRACE. 6.The method of claim 1, wherein the second information includes anidentification of a multi-leg Butterfly trade, and wherein the multi-legButterfly trade includes a non-directional trading strategy thatcomprises: buying a first set of financial instruments that have reacheda pre-determined first level of maturity, and selling a second set offinancial instruments that have reached a pre-determined second level ofmaturity.
 7. The method of claim 1, wherein the report includes at leastone from among information that relates to whether the trade is a cashtrade or a spread trade, information that relates to a type of thetrade, and information that relates to at least one from among a tradespread and an option adjusted spread.
 8. The method of claim 7, whereinthe type of the trade includes at least one from among aconsecutive-month dollar roll, a non-consecutive month dollar roll, anagency swap, a coupon swap, and a butterfly trade.
 9. A computingapparatus for obtaining consolidated information relating to executedtrade transactions, the computing apparatus comprising: a processor; amemory; and a communication interface coupled to each of the processorand the memory, wherein the processor is configured to: receive, from afirst source via the communication interface, first information thatrelates to a trade that has been executed on a market, wherein the firstinformation includes at least one from among a transaction price of thetrade, an execution date of the trade, an execution time of the trade, atransaction size of the trade, and a yield of the trade; retrieve, froma second source, second information that relates to at least one fromamong the trade and a participant in the trade; generate a report thatincludes the first information, the second information, and anidentification of single-leg trades, multi-leg trades, and a traded poolwithin a FINRA Reference Pool Bucket; and transmit, to a predeterminedrecipient via the communication interface, the generated report.
 10. Themethod of claim 1, the method further comprising: de-anonymizing thefirst information by crossing referencing the first information againstthe second information.
 11. The computing apparatus of claim 9, whereinthe first source includes a Trade Reporting and Compliance Engine(TRACE) platform.
 12. The computing apparatus of claim 11, wherein thesecond source includes an internal data repository that is proprietaryto a financial institution.
 13. The computing apparatus of claim 12,wherein the processor is further configured to receive, via thecommunication interface, third information that relates to the tradefrom a Securitized Products Dissemination Service (SPDS) platform. 14.The computing apparatus of claim 13, wherein the processor is furtherconfigured to obtain fourth information that relates to the trade byusing a matching algorithm within TRACE.
 15. The computing apparatus ofclaim 9, wherein the second information includes an identification of amulti-leg Butterfly trade, and wherein the multi-leg Butterfly tradeincludes a non-directional trading strategy that comprises: buying afirst set of financial instruments that have reached a pre-determinedfirst level of maturity, and selling a second set of financialinstruments that have reached a pre-determined second level of maturity.16. The computing apparatus of claim 9, wherein the report includes atleast one from among information that relates to whether the trade is acash trade or a spread trade, information that relates to a type of thetrade, and information that relates to at least one from among a tradespread and an option adjusted spread.
 17. The computing apparatus ofclaim 16, wherein the type of the trade includes at least one from amonga consecutive-month dollar roll, a non-consecutive month dollar roll, anagency swap, a coupon swap, and a butterfly trade.
 18. A non-transitorycomputer readable storage medium storing instructions for obtainingconsolidated information relating to executed trade transactions, thestorage medium comprising executable code which, when executed by aprocessor, causes the processor to: receive, from a first source, firstinformation that relates to a trade that has been executed on a market,wherein the first information includes at least one from among atransaction price of the trade, an execution date of the trade, anexecution time of the trade, a transaction size of the trade, and ayield of the trade; retrieve, from a second source, second informationthat relates to at least one from among the trade and a participant inthe trade; generate a report that includes the first information, thesecond information, and an identification of single-leg trades,multi-leg trades, and a traded pool within a FINRA Reference PoolBucket; and transmit, to a predetermined recipient, the generatedreport.
 19. The computing apparatus of claim 9, wherein the processor isfurther configured to: de-anonymize the first information by crossingreferencing the first information against the second information. 20.The storage medium of claim 18, wherein the first source includes aTrade Reporting and Compliance Engine (TRACE) platform.